SC gives 15 more days to Sahara chief to complete overseas properties sale talks

The Supreme Court on Monday allowed Sahara Group chief Subrata Roy to stay on in his air conditioned conference room at the Tihar Jail complex for 15 more working days to wind up negotiations to sell his overseas properties.

Roy, who was sent to jail on March 4 this year for non- refund of over Rs.20,000 crores to depositors, was asked by the court to pay Rs.10,000 crores for getting bail, out of which Rs.5,000 crores must be in cash and rest of the amount should be in the form bank guarantees.

Sahara has so far raised Rs.3,117 crores, which has been deposited with SEBI.

The group, however, claims that it has already repaid money to 93 percent investors.

On August 1, the apex court had allowed Roy and two directors of his group to use the conference room in the Tihar jail complex for ten days with effect from August 5 to hold negotiations with potential buyers.

The court, while refusing to grant interim bail or parole, had allowed selling of his luxury hotels in order to enable the Sahara chief to hold negotiations for selling his properties in India and abroad to raise Rs 10,000 crore in order to get a regular bail.